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Aramco Taps Saudi Billionaires for Major IPO Orders

  • Saudi Arabia negotiating major commitments from rich citizens
  • Almajdouie, Al-Turki families also approached to buy stock
Bloomberg business news
Saudi Arabia Taps Wealthy Citizens for Aramco IPO
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Saudi Arabia is negotiating commitments from its wealthiest citizens to buy stock in the Aramco initial public offering, from the Olayan family and Prince Alwaleed Bin Talal to low-profile tycoons in the oil producer’s backyard, people with knowledge of the matter said.

The billionaire Olayans, who own a major stake in Credit Suisse Group AG, are considering buying several hundred million U.S. dollars worth of Aramco shares, according to the people. Prince Alwaleed has also held talks to commit a significant amount to the IPO, the people said, asking not to be identified because the information is private.